Inflation is running at a faster pace than the Federal Reserve anticipated earlier this year in its policy report to Congress.

At that time, members of the Federal Open Market Committee projected that the consumer price index would rise by 2 1/2% to 2 3/4% (as a central tendency) over the course of 1993. For the first four months of this year, however, the CPI has in fact risen at about a 4 1/4% annual rate.

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